TechFlow News: On January 29, according to the RTHK website, Hong Kong’s first gold ETF—Hang Seng Gold ETF—officially listed on the Hong Kong Stock Exchange today, trading at HK$17.39, up nearly 9%.
The ETF will offer a tokenized, non-listed class of fund units, with HSBC serving as the tokenization agent. Initially, Ethereum will serve as the primary blockchain; however, other public blockchains offering equivalent security, resilience, and distributed ledger technology may be adopted in the future. Eligible distributors will enable holders of fund units to subscribe to or redeem tokenized fund units in token form.
At the listing ceremony, Mr. Paul Chan, Financial Secretary of Hong Kong, stated that Hong Kong had signed a cooperation agreement with the Shanghai Gold Exchange earlier this week. Global gold demand surged 44% year-on-year in Q3 last year, reaching a record high of $14.6 billion. Meanwhile, gold ETF holdings increased by 222 tonnes during the quarter, reaching over 3,800 tonnes.
